To change your e-mail options at Ion procedures grew sixfold over Q2 2020 to nearly 1,500 procedures in the quarter, reflecting recovery from the pandemic, the growth in new sites, and growth in utilization at existing sites. The Company believes these non-GAAP financial measures are useful to investors, because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by institutional investors and the analyst community to help them analyze the performance of the Companys business. Again, if you look across that two-year period, try to look through the pandemic kind of ups and downs, what we're seeing is that procedure demand is there. Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. A couple of things I'd say. Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., net income per diluted share attributable to Intuitive Surgical, Inc., and diluted shares are reported on a GAAP and non-GAAP* basis. And we're early in the Ion product cycle, and we're early in the SP or early mid in SP. And that is both painful and an opportunity. Fourth quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. was $381million, or $1.04 per diluted share, compared with $365million, or $1.01 per diluted share, in the fourth quarter of 2020. Good afternoon. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 6%. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . To choose any time, re-enter your e-mail address and click Submit, then adjust your form entries. 2 Healthcare Stocks You Can Buy and Hold for the Next Decade, Why Things Could Get Worse Before They Get Better for This Growth Stock, 2 Stocks to Buy No Matter What Happens This Year, Why Intuitive Surgical Stock Slumped in January. Email: investor.relations@intusurg.com. In the quarter, strong trade-ins of older-generation systems for our fourth-generation products and strength in multi-system deals continue to support our thesis that customers that know us best continue to invest with us going forward. We did not repurchase any shares in the quarter. Fourth quarter 2021 GAAP income from operations included share-based compensation expense of $120 million, compared with $104 million in the fourth quarter of 2020. On a constant currency basis, fourth quarter 2022 revenue increased 10% compared to the fourth quarter of 2021. Recovery in the U.K. was healthy in the quarter as NHS increased access to surgeries broadly. Most of our offices globally are reopening with this hybrid approach. Yeah. And I think for a subset of the benign procedures that have been kind of deferred elective procedures, hospitals can recover those pretty quickly. The Motley Fool owns shares of and recommends Intuitive Surgical. We think there's an opportunity to look at correlations between surgeon performance and outcomes. Google's Women Techmakers program provides visibility, community, and resources for women in technology. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. That impact was most pronounced in the U.S. and Europe, varied market to market, complicating year-over-year comparisons. Intuitive has managed multiple ways of working for many years. We expect pro forma other income, which is comprised mostly of interest income, to total between $50 million and $55 million in 2021. Good afternoon. I think the product ecosystem with XI with a 60-millimeter stapler is in good shape, and we're getting good feedback from surgeons in that regard. Investor's Business Daily . To understand our system placement and capital performance over this period, we look to annual system utilization trends, which have recovered to utilization rates at the high end of our historical averages. Moving on to capital placements. In May of this year, Dr. Karl LeBlanc from our Lady of the Lake Medical Center in Baton Rouge, Louisiana, published results from a multi-center study comparing short-term outcomes for incisional hernia, published in the Hernia Journal entitled Robotic-Assisted Laparoscopic and Open Incisional Hernia Repair: Early Outcomes from the Prospective Hernia study. The supply issues we called out in the first quarter did not impact Ion placements and procedures in this quarter. To change your e-mail options at Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. And I'd just be curious to -- since you all are calling it out repeatedly as an important incremental growth driver, where are we now, in your view, in that, I'm sure, multiyear, long-term adoption process? 2021 Intuitive Sustainability Report 7.8 MB. So I think those are the key kind of procedure highlights. At this time, all participants are in listen-only mode. The Company grew its da Vinci Surgical System installed base to 6,730 systems as of, Fourth quarter 2021 GAAP net income attributable to Intuitive was $381million, or, Fourth quarter 2021 non-GAAP* net income attributable to Intuitive was. Consistent with the last quarter's forecast, we expect our noncash stock compensation expense to range between $450 million and $470 million in 2021. Let me start with why I think it's adopting, and I'm going to turn to Jamie as to where -- what inning of the baseball game are we in, I'll let Jamie take that. However, to gain a more complete understanding of the body of evidence, we encourage all stakeholders to thoroughly review the extensive detail of scientific studies that have been published over the years. First quarter 2022 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $413 million, or $1.13 per diluted share, compared with $427 million, or $1.17 per diluted share, in the first quarter of 2021. Now, I'd turn the conference over to our host, Brian King, Head of Investor Relations for Intuitive Surgical. Some of them are fully included because we feel like they make us more efficient and to make them more efficient. We rolled out the extended use instruments in Europe and the U.S. back in the fourth quarter. Fourth quarter 2021 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $477 million, or $1.30 per diluted share, compared with $434 million, or $1.19 per diluted share, in the fourth quarter of 2020. your options for e-mail notification, please enter your e-mail address below and click J Global Clinical Engineering, Special Issue 4, 2021 - Proceedings IV ICEHTMC 2021 - ISSN 2578 2762 1 dicembre 2021 . To choose Sure. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. Our rollout of Ion will continue to be measured while we optimize training pathways in our supply chain. Intuitive Surgical's adjusted net . For the first three quarters of 2021, it reported $1.4 billion in operating income on $4.2 billion in revenues. The painful part is the investment troughs are deep in the early and middle years of those product cycles. Or is it too early, and you're just saying that might happen in the future? Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Q4 2021 Earnings Release Call. Jamie, I'll let you take it from there. Fourth quarter 2022 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $439 million, or $1.23 per diluted share, compared with $473 million, or $1.29 per diluted share, in the fourth quarter of 2021. Intuitive Surgical Asensus Surgical . So we're excited about that because it gives them fast and easy access. ET. It is in fact a physically taxing procedure, as Gary described. But once you develop a really capable ecosystem, then it has a lot of platform use, and that investment can be recovered over time. The increase in cash in the second quarter primarily reflected cash from operations and stock exercises. Fourth quarter 2022 instruments and accessories revenue increased by 12% to $941 million, compared with $843 million in the fourth quarter of 2021. The split must be approved by the shareholders but this is merely a formality. Fourth quarter 2021 non-GAAP* income from operations increased to $588 million, compared with $535 million in the fourth quarter of 2020. We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. Frankly, the lack of precision in that estimate is such that it's probably not useful for us to share. Affiliated with the world's largest international neurotechnology community, NeurotechX, with 18,000+ members . Montreal, Quebec, Canada. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Companys operating results. They're calling on customers. Intuitive Surgical Inc. (NASDAQ: ISRG) Q1 2021 earnings call dated Apr. Find the latest Intuitive Surgical, Inc. (ISRG) stock quote, history, news and other vital information to help you with your stock trading and investing. your options for e-mail notification, please enter your e-mail address below and click Foreign currency fluctuations had a 3% unfavorable impact on fourth quarter 2022 revenue. Ladies and . 2022 Proxy Statement 36.4 MB. . The trade-in cycle has been a tailwind to system placements. First cases in our SP colorectal IDE trial were completed in the quarter as we seek to bring SP capability to additional procedures. But I don't have scientific evidence. To the extent that COVID impacts procedures, it will also impact capital purchases. This press release contains forward-looking statements. Jamie Samath Senior Vice President of Finance So it's not a scientific study, just my view. I will now turn to our financial outlook for 2021. Pagination. So I apologize for the short-term-oriented question, but you're the first large-cap company to report here. And regarding the backlog, how do you know there was catch-up and why won't that continue for the next few quarters? The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as amortization of intangible assets, share-based compensation (SBC) and long-term incentive plan expenses, and other special items. Jamie, in his commentary, said that a lot of those procedures are benign procedures, many of them are shorter duration than longer or more complex disease states. Copyright 2023 Intuitive Surgical. And we've seen both good clinical outcomes, but also high surgeon satisfaction and better ergonomics. I think that's what's been driving our success in the early market. Attendees can engage with peers, connect with Intuitive resource teams, and explore innovative robotic-assisted technology spanning the care continuum. [Operator Instructions] As a reminder, today's call is being recorded. Growth in Japan was solid but was impacted by a relatively slow rollout of vaccines and the impact of localized lockdowns as a result of ongoing efforts to prevent resurgences of COVID-19. You may automatically receive Intuitive Surgical financial information by e-mail. China growth in the second quarter continued to be far higher than our other regions, primarily reflecting the 40% system installation growth over the past year. To choose The year-over-year increase in I&A revenue per procedure reflects increased usage of our advanced instruments, partially offset by the impact of extended use instruments. Our teams continue to work closely with hospitals, physicians, and care teams in pursuit of what our customers have termed the Quadruple Aim: Better, more predictable patient outcomes, better experiences for patients, better experiences for their care teams, and ultimately, a lower total cost to treat. . COVID had a significant impact on da Vinci procedure volumes in the second quarter of 2020. Our fully integrated advanced instruments portfolio has been a strong addition to our multiport ecosystem, allowing for high-quality tissue interaction controlled from the surgeon's console while optimizing workflow. There are no upcoming events available at this time. We're doing that as a combination of My Intuitive plus some of the simulation work that we do, plus some of the machine learning and video analysis work that we do. 20, 2021Corporate Participants: Calvin Darling Senior Director of Finance, Investor Relations. So I wouldn't start building lots of leverage into your models. 07/21/22 - 1:30 PM PDT. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. All Rights Reserved. I just wondered, are you suggesting or should we be thinking that we could be in the front of a new wave of capital acquisition, with again, capital released because of the need to add additional systems to accommodate the expanding number of procedures? Dec 2017 - Aug 20213 years 9 months. SUNNYVALE, Calif., Jan. 20, 2022 (GLOBE NEWSWIRE) -- Intuitive (the Company) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced financial results for the quarter ended December31, 2021. May 2021 - Present 1 year 10 months. An accomplished communicator seeking opportunities in Ottawa, with a proven ability to multitask under high-pressure situations to meet deadlines. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. And basically, still underpenetrated, big opportunity. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. To change your e-mail options at Jamie will take you through procedure dynamics in more detail later in the call. (2021) Dropped off in 2022. However, our expense growth rate was modestly lower than our plan, driven by pandemic-related factors. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. First, we are broadening access to our advanced instruments for our da Vinci Fourth Generation Multiport Systems through pursuit of additional clearances and launches outside the U.S. Second, we are expanding our da Vinci SP offering by broadening its regional and clinical indications and by adding it to its suite of instruments and accessories. We expect our pro forma rate for the last six months of 2021 to be between 21% and 22% versus our previous guidance of 20% to 21%, reflecting a greater proportion of U.S. income for the year. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. Marshall L. Mohr Executive Vice President and Chief Financial Officer. Intuitive Surgical's Q1 2021 adjusted earnings per share is expected to be $2.72 per Trefis analysis, over 3% above the consensus estimate of $2.63. Learn More, Intuitive Surgical(ISRG 2.61%)Q22021 Earnings CallJul 20, 2021, 4:30 p.m. Partly, it's delays in getting in and getting tested and starting the journey and then getting in and having a procedure or treatment, whatever that might be. Thank you. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. So that's a multi-quarter conversation. SP procedures grew 133% year over year, with much of that growth coming from the United States. Intuitive Surgical, Inc. ISRG recently announced preliminary results for fourth-quarter and full-year 2021. Taken together, this combination of a recovery in procedures and healthy utilization supports our solid capital placement trends and rounds out a healthy commercial recovery year to date. Go ahead, Mr. Hopkins. 10/08/22 - 11:00 AM EDT. Hi, Gary. There was the usual impact of seasonality from vacations like Easter, but nothing notable within the quarter. - building a financial model and investor presentation for fundraising . Pro forma gross margin for the second quarter of 2021 was 71.7%, compared with 62.4% for the second quarter of 2020 and 71.8% last quarter. So several of those things are in the markets, the very first kind of Gen 1, some of them are on Gen 2. Copyright 2023 Intuitive Surgical. Well, I'll add one bit of color to that. What's left to do from maybe a product or procedure or instrument point of view? Turning to gross profit. The next page will display a menu of options. Product and brand names/logos are trademarks or registered trademarks of Intuitive Surgical or their respective owner. The webcast replay of the call will be made available on our website at www.intuitive.com within 24 hours after the end of the live teleconference and will be accessible for at least 30 days. Yeah. Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/. And so we see that as a benefit also with respect to feedback from surgeons. What we've seen, though, is that what happens in the PowerPoints and what happens a year later is different. Obviously, you made some comments about variance and not factoring in kind of an increase. With an initial focus on BPH, the company's AquaBeam Robotic System delivering Aquablation therapy, is the first FDA-cleared, automated surgical robot for the treatment of lower urinary tract symptoms (LUTS) due to benign prostatic hyperplasia (BPH). Good afternoon. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. Listen to Webcast. Our second-quarter 2021 performance was encouraging, with use of our systems for procedures growing beyond pre-pandemic levels and healthy capital placements. Da Vinci systems offer surgeons high-definition 3D vision, a magnified view, and robotic and computer assistance. I will describe the highlights of our performance on a non-GAAP or pro forma basis. To choose During the first half of 2022, the Company saw COVID-19 resurgences impact da Vinci procedure volumes in the U.S. and Europe followed by recoveries. Incredible returns through ups and downs. We placed an additional 20 Ion systems in the quarter, bringing the installed base to 70. We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument. INTUITIVE SURGICAL, INC.-14.33%: 79 654: BOSTON . In terms of our underlying numbers, we're growing at a little faster rate in the revision section, sleeves and bypass grow about the same rate. Listen to Webcast. (6) Diluted net income per share includes the effect of the following items: Gains (losses) on strategic investments, net of tax, Less: net income attributable to noncontrolling interest in joint venture. I think the noise levels will go up. INTUITIVE at 2022 Wells Fargo Healthcare Conference. During 2022, the impact of the COVID-19 pandemic on the Companys business has differed by geography and region. The Company defines non-GAAP EPS as non-GAAP net income attributable to Intuitive Surgical, Inc. divided by non-GAAP diluted shares, which are calculated as GAAP weighted-average outstanding shares plus dilutive potential shares outstanding during the period. In the U.S. and Europe, extended use instruments were nearly fully adopted in the second quarter. Please note that this conference call will be available for audio replay on our website at intuitive.com on the latest Events section under our Investor Relations page. The Company placed 369 da Vinci Surgical Systems in the fourth quarter of 2022, compared with 385 systems in the fourth quarter of 2021. Non-GAAP income from operations. Next, we'll go to Bob Hopkins with Bank of America. The difference in the number of subjects reporting the need for prescription pain medication favored the robotic-assisted group in both comparisons." Clinical trial sites completed enrollment for our PRECIsE clinical trial. The next page will display a menu of options. As part of our mission, we believe that minimally invasive care is life-enhancing care. And Jamie, as to kind of where we are. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. Intuitive will hold a teleconference at 1:30 p.m. PST today to discuss the fourth quarter 2021 financial results. A couple of things. Conversion rates to open surgery were lower in the robotic group compared to the laparoscopic group, 0.6% as compared to 4.9%, and reoperation rates in the 30 days post procedure were comparable between robotic and laparoscopic and lower for robotic as compared to open, 0.6% as compared to 3.1%. Yes. This MMR report includes investor recommendations based on a thorough examination of the Thoracic Surgery Market's contemporary competitive scenario. I think they are ecosystem enablers and can result in very high customer satisfaction when done well. Next, we go over to Larry Beigelsen with Wells Fargo. We think we can bring some outstanding imaging capabilities, including florescence imaging into that space. You may automatically receive Intuitive Surgical financial information by e-mail. Just on the recent spread of COVID and variants and the potential impact on demand and hospitals' ability to do procedures, are you starting to see that impact now? We are building tools and capabilities that allow hospital departments and departments of surgery to manage their program and look across programmatics for efficiency, for learning, for outcomes, and these things interlink. We continue to see significant utilization variance by region due to pandemic differences. Women Techmakers Ambassador is responsible for driving diversity and inclusion through organizing local events within the tech community. Please go ahead. The tax effects of the non-GAAP items are determined by applying a calculated non-GAAP effective tax rate, which is commonly referred to as the with-and-without method. The Company grew its da Vinci Surgical System installed base to 7,544 systems as of, Fourth quarter 2022 GAAP net income attributable to Intuitive was, Fourth quarter 2022 non-GAAP* net income attributable to Intuitive was. Our focus right now is not rapid expansion of the installed base. your options for e-mail notification, please enter your e-mail address below and click That says that we're not putting out more capital than folks need, even though it's been healthy capital quarters, it means our customers are getting good benefit out of what they're using those systems for. All Rights Reserved. We're taking a first-principles approach to return-to-office environments with our team, bringing back face-to-face interactions for those tasks best completed in person while enabling hybrid work environments for tasks that are well accomplished by distributed teams. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. Today's press release and supplementary financial data tables have been posted to our website. Preliminary full year 2021 systems revenue increased by 44% to approximately $1.69 billion, compared with $1.18 billion in 2020. ISRG stock has split before. Intuitive Announces Fourth Quarter Earnings, Less: net income attributable to noncontrolling interest in joint venture. Outside the U.S., we placed 115 systems in the second quarter, compared with 72 in the second quarter of 2020 and 108 systems last quarter. In the U.S., as COVID continued to subside in the second quarter of 2021, we saw a lower impact on da Vinci procedures. The high end of the range assumes strength in U.S. general surgery, a return to normalized diagnostic pipelines, the vaccines are effective against any new COVID-19 variants and the vaccine rollouts in OUS markets continue as currently expected by governments around the world. The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as intangible asset charges, share-based compensation (SBC) and long-term incentive plan expenses, and other special items. But at this point, it's just too difficult to estimate and, therefore, kind of give you any additional color on. The fourth quarter 2021 system shipments included 143systems shipped under operating lease and usage-based arrangements, compared with 120 systems in thefourth quarter of 2020. The Company defines non-GAAP net income as net income attributable to Intuitive Surgical, Inc., excluding intangible asset charges, non-cash impairment charges and recoveries, certain acquisition-related items for the re-measurement of contingent consideration, SBC and long-term incentive plan expenses, litigation charges and recoveries, gains (losses) on strategic investments, adjustments attributable to noncontrolling interest in joint venture, net of the related tax effects, and tax adjustments, including the excess tax benefits or deficiencies associated with SBC arrangements, a one-time tax benefit from re-measurement of certain deferred tax assets, and the net tax effects related to intra-entity transfers of non-inventory assets. China continued the strength that we've seen over the last couple of quarters. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. Intuitive develops, manufactures and markets the da Vinci surgical system. That's great. Phone: 408-523-2161 There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Lastly, we continue to digitally enhance our ecosystem. And then on SG&A, kind of same kind of question. These forward-looking statements include, but are not limited to, statements related to the expected impacts of the COVID-19 pandemic on the Companys business, financial condition, and results of operations, future results of operations, future financial position, the Companys financing plans and future capital requirements, the Companys potential tax assets or liabilities, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which the Company operates and the Companys beliefs and assumptions regarding these economies and markets. The tax effects of the non-GAAP items are determined by applying a calculated non-GAAP effective tax rate, which is commonly referred to as the with-and-without method. 07/21/22 - 1:30 PM PDT. Jamie will provide spend guidance later in this call. Fourth quarter 2022 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $18 million, or $0.05 per diluted share, compared with $27 million, or $0.07 per diluted share, in the fourth quarter of 2021. 1 cup mashed sweet potato in grams,